“First-time buyers in our market are… - Knight Frank

FULHAM
market overview
The number of properties available for sale and
rent in Fulham continues to fall short of demand,
particularly in the £1m to £2m and £800 to
£1,200 per week price range. Demand for these
properties is very strong as we receive a large
number of enquiries from families moving to be
close to good primary schools.
Sellers of these houses are often upsizing in the area but they too
suffer from a lack of choice causing many to resort to extending
their own properties. The unfortunate result of this is that they
therefore play a part in the shortage. Another growing trend has
“
French buyers and tenants choose…
”
…Parsons Green. It is convenient for the new French Lycee Primary School and the Lycee in South Kensington.
FULHAM BY
NUMBERS *
85% of homes we let are to corporate tenants.
With companies relocating their executives to
London every day our specialist team at Knight
Frank Residential Corporate Services is on hand
to help them find the perfect home
On average we have achieved 96.7% of the guide
price on sales in the past 12 months
60% of our tenants are from overseas
In the last three months alone, potential buyers
from 129 different countries have viewed properties
for sale online through KnightFrank.co.uk/Fulham
*figures relate to the 12 months to March 2011 unless otherwise stated
“
Our typical buyers are…
”
…families moving from Chelsea to Fulham in search of more space for their money.
36 LOCAL VIEW
Sales applicants by price band
under £500k 5%
£500k to £750k 8%
£750k to £1m 11%
£1m to £1.5m 32%
£1.5m to £3m 30%
£3m+ 14%
seen many owners dig out their basements and large houses with
this potential are in high demand. Very few houses in Fulham
were built to measure over 3,000 sq ft so residents seeking larger
houses have to either move out of the area or dig basements to
achieve their desired size. The lettings market also suffers from a
supply shortage as many homeowners choose to sell their
properties and current
tenants renew their
leases, creating a
vacuum in the market.
This has increased
rental prices, especially
for well presented
properties.
Office Head – Sales
Anne Soutry
Our Team in action
When we opened the Fulham branch in September 2008 we were
instructed to sell a large house on Stevenage Road. The market
conditions meant the vendors would not be able to achieve the
price they wanted so we advised them to ‘ride out’ the market by
searching for a tenant. Our lettings department achieved an asking
price offer from a well known French company whose managing
director and family moved in and stayed in the property for two
years. Once the sales market significantly improved we advised the
owners that the spring market of 2011 would be an optimum time
to sell. We began marketing the house for sale on 4 January and an
offer was accepted on 21 January with contracts exchanging and
completing shortly thereafter.
“Our typical tenants are…
”
…young professionals or French families.
Office Head – Lettings
Liz Harrall
Rental applicants by price band
(cost per week)
under £350 27%
£350 to £500 30%
£500 to £750 17%
£750 to £1,000 10%
£1,000 to £1,500 13%
£1,500+ 3%